The oil-producing countries keep their money predominantly in Europe. According to the Bank for International Settlements, business, banks and central banks in those countries have about $1 trillion in bank accounts.
Of that amount, 71 percent is in Europe, 15 percent in the United States, 12 percent offshore and 2 percent in other parts of the world. Europe's share in that division is growing steadily.
In spite of common opinion, the dollar is not waning as a reserve currency.
There has been no reduction in deposits in the U.S. currency in the last eight years, the BIS also says.
In the U.S., the dollar accounts for nearly 100 percent of deposits, as well as for over half of all deposits offshore and in Europe.
Several countries have even expanded their dollar assets. In spite of political declarations by Arab leaders, the portion of deposits held in dollars from OPEC countries has increased considerably.
It was 50 percent in 2001-2003, and increased to 75 percent by 2006. At the same time, non-OPEC oil-producing countries such as Russia reduced their dollar deposits to less than 50 percent. Russian deposits in euros are growing. Russia is the world's largest oil producer. It has the largest gold and currency reserves of all the oil-producing countries.
Of that amount, 71 percent is in Europe, 15 percent in the United States, 12 percent offshore and 2 percent in other parts of the world. Europe's share in that division is growing steadily.
In spite of common opinion, the dollar is not waning as a reserve currency.
There has been no reduction in deposits in the U.S. currency in the last eight years, the BIS also says.In the U.S., the dollar accounts for nearly 100 percent of deposits, as well as for over half of all deposits offshore and in Europe.
Several countries have even expanded their dollar assets. In spite of political declarations by Arab leaders, the portion of deposits held in dollars from OPEC countries has increased considerably.
It was 50 percent in 2001-2003, and increased to 75 percent by 2006. At the same time, non-OPEC oil-producing countries such as Russia reduced their dollar deposits to less than 50 percent. Russian deposits in euros are growing. Russia is the world's largest oil producer. It has the largest gold and currency reserves of all the oil-producing countries.
